Income Tax : A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 201...
Income Tax : The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest ...
Service Tax : Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Gove...
Service Tax : CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportat...
Service Tax : Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or telev...
Income Tax : We are Enclosing herein below copy of Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Fi...
Income Tax : Finance(No. 2) Bill, 2014 has received the assent of the President on 6th August, 2014, published in the Gazette of India, dated 6...
Income Tax : Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha ...
Corporate Law : Highlights of the Speech of Shri Arun Jaitley, Union Finance Minister of Finance Made While Presenting the Budget of the National ...
Company Law : Amendments in Companies Act Companies Act 2013 has been enacted only last year and so far a little more than half of its provision...
Service Tax : (a) private limited company shall have the same meaning as is assigned to private company in clause (68) of section 2 of the Compa...
Service Tax : Budget 2014- Changes in Place of Provision of Services Rules, 2012 Vide Notification No. 14/2014-ST Dated 11-7-2014 (Effective Fro...
Service Tax : (a) if payment is made within a period of six months of the date of invoice, be the date on which payment is made; (b) if payment ...
Service Tax : 18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for ...
Service Tax : G.S.R. 480(E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act,1994 (32 of...
Tax Benefits/ Exemptions to Individual/ HUF Basic Exemption Limit for FY 2014-15 is increased to Rs. 250000/- for individuals (whether male or female) below 60 years of age. For persons of 60 years or above, the basic exemption limit is raised to Rs. 300000/- Limit for Deduction u/s 80C has been increased to Rs. 150000/-. […]
Filing of appeal is a mechanism available to the assessees who are aggrieved by the orders passed by the adjudicating authority or the higher appellate authorities. However, mere filing of appeal is not sufficient and there is a condition of making pre-deposit of duty or tax amount involved in the case.
Section 92CC of the Act provides for Advance Pricing Agreement (APA). It empowers the Central Board of Direct Taxes, with the approval of the Central Government, to enter into an APA with any person for determining the Arm’s Length Price (ALP) or specifying the manner in which ALP is to be determined in relation to an international transaction which is to be entered into by the person.
Period of holding for Equity Mutual fund units has increased from 12 months to 36 months for capital gain purpose and Tax raised from 10% to 20%. Introduced Range concept in Transfer Pricing Tax Holiday for power sector companies extended to 10 years New definition for MSME to enhance the scope of incentives
With the coming up of new government led by Mr. Naredndra Modi, came new hopes. The hopes for a better India once again dawned in the hearts of the people. The much talked about Budget of 2014 was the ray of hope for the people. The budget brought in a several boons if not many for different sectors in the country
The much awaited Union Budget for the year 2014-15 is presented today by the Finance Minister, Mr Arun Jaitely in the Parliament. Though there is no change in the general rate of Excise Duty or Service tax, significant legislative changes have been made in the Section 35 F of the Central Excise Act, Section 83 of the Finance Act and in Section 129E of the Customs Act, which proposes a statutory pre-deposit of Duty demanded, instead of filing a separate stay petition.
Union Budget – Direct tax proposals – an Individual Point of view – 1. Increase of Basic exemption limit: Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 years has been increased from Rs. 2.50 lakhs to Rs. 3 lakhs. The revised income tax slabs are given below the table
CA Bikash Bogi BULLET POINT SUMMARY of Direct Tax Provisions INDIVIDUALS / HUF / AOP / BOI No change in income tax rates. Income Tax Exemption limit increased to Rs. 2.5 Lakh from Rs. 2 lakh. For Senior citizens exemption limit increased to Rs. 3 lakh. Deduction u/s 80C increased to Rs. 1.5 lakh from […]
CA Gaurav Mittal KEY HIGHLIGHTS 1) Fiscal Deficit targeted at 4.1% for 2014-15 and to bring it to 3% by 2016-17. 2) GST to be introduced by the year end. 3) No retrospective amendments by this Government. 4) A new committee under CBDT to study cases pending because of retrospective amendments. 5) FDI on Defense […]
PM on Union Budget This is a Budget that converts hopes and aspirations of the people into trust; new ray of hope for the poor and downtrodden The Budget will give an impetus to Jan Bhagidari (people’s participation) and Jan Shakti (people’s power) We are going in the right direction to overcome challenges faced in […]
